How Can Patient Financing Boost Patient Retention?

How Can Patient Financing Boost Patient Retention?

Running a successful practice is equivalent to running any successful business. By providing patient financing in your practice, you will provide a sustainable patient retention rate for your organization moving into the future.

As a practice you want your focus to be on patient care and being a reliable healthcare provider to your patients. But, as a provider of a service, it’s integral that you are able to accommodate all patients into your practice and make them feel comfortable using your services. Can patient financing help?

3 Ways Patient Financing Can Expand Your Client Base

There are several advantages of offering patient financing in your practice. We highlight three ways it can help improve patient retention.

1. Patients Can Always Pay for Treatment

A 2017 survey from the Federal Reserve revealed that 44 percent of respondents could not cover an unexpected $400 emergency expense or would have to rely on borrowing or selling to do so. Many patients can’t afford treatment and will actively avoid seeing the doctor due to the financial burden a trip could mean to their finances.

Your practice can help ease this by adopting a system for patient financing. By enabling a medical financing program that expands past taking payments in full, you increase the opportunity for your organization to provide services to all clients, regardless of their current financial means. This could be organizing installment payments with interest or providing a monthly payment amount that is well within their means with no interest.

2. Patients Trust the Service you Provide

Introducing financing options to your practice will give your services the professional atmosphere that it deserves. Establishing a set of broad parameters for what patients can expect financially with every visit ensures that patients can trust you not only for medical care but also for a smooth transactional process. By fostering that trust, your organization will boost patient retention and patient recommendations to their friends and loved ones.

3. Patients Feel Welcomed in your Practice

The biggest factor of the patient experience is making a patient feel comfortable in your practice. Showing a commitment to your patients, regardless of their financial capabilities, will create a welcoming and comforting atmosphere within your practice. That atmosphere will be an inevitable patient retention booster ultimately making them both happier and healthier with your practice. Patient financing is a sure way to make your practice a place where your patients will feel welcome.

Patient Financing Made Easy With ClearGage

Patient financing can be a daunting task for any organization to embrace, luckily there are companies that specialize in the financing tools your practice needs to offer its services to patients. Training staff to balance customer care and collections can be difficult, that’s why ClearGage exists.

It’s our mission to provide the tools you need to develop a financing program that benefits your patients, is easy to use, and ultimately, increases patient retention.

Learn more about what ClearGage can do for your organization by contacting one of our representatives.